SoFi Technologies, Inc. - Common Stock (SOFI)

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SoFi shares are trading marginally lower Friday morning, but still up 5.7% for the week. The stock has been extending a recent rally powered by strong guidance.

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SoFi stock is surging over 5% Wednesday afternoon. The stock is being fueled by a combination of strong company guidance and potentially a favorable macroeconomic environment.

The neobank lost steam after its initial pop, but it could be a buying opportunity.

SOFI stock is up more than 25% in the last three months, but despite the company overcoming numerous obstacles, a P/E ratio of 40x may cap further upside

SoFi recently reported quarterly adjusted sales of $770.72 million, beating analyst estimates of $739.04 million.

The company and its shareholders sold 32 million shares at $27 per share. The IPO price was slightly higher than the earlier marketed range of $24 to $26 per share.

A bullish growth outlook and a key technical breakout pattern are potentially fueling SoFi's surge Wednesday. With high short interest, the stock is now trading above $15.